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Jefferies Begins Liquidation Of PFG Positions, Will Keep Proceeds In Segregated Accounts

Tyler Durden's picture


The MF Global playbook is playing out step by step:


And the full statement:

In response to inquiries, Jefferies today confirmed that it has a clearing relationship with Peregrine Financial Group ("PFG") with trading positions held on behalf of PFG's clients fully secured by cash held in margin accounts. After PFG was unable to meet a margin call that Jefferies made in response to yesterday's National Future Association's Member Responsibility Action, Jefferies began an orderly liquidation of PFG's positions. Jefferies has already liquidated a substantial portion of those positions and expects to be able to expeditiously liquidate the remainder in a fair and reasonable manner, after which all proceeds of the liquidation will be maintained in segregated accounts. Jefferies does not expect to incur any loss in respect of PFG.      

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Tue, 07/10/2012 - 10:24 | 2601950 LULZBank
LULZBank's picture

Pheww... that means the money is safe. What a relief Bitchezz!!

Tue, 07/10/2012 - 10:26 | 2601960 sumo
sumo's picture

Yep. There are only two cockroaches.


Tue, 07/10/2012 - 10:33 | 2601991 idea_hamster
idea_hamster's picture

"after which all proceeds of the liquidation will be maintained in segregated accounts"

Read: "after which all proceeds will be tranfered to JPMorgan."

Nothing going wrong with this....

Tue, 07/10/2012 - 10:38 | 2602016 sumo
sumo's picture

JPM will get wire transfers that clear. Customers will get checks via USPS ground delivery. Nothing wrong with that.

Tue, 07/10/2012 - 23:22 | 2604708 Bringin It
Bringin It's picture

Posts with leading italics kill the [javascript?] script that operates the voting widget.

Can't vote up or down.

I would have, if I could have, voted yours green.

Thu, 07/12/2012 - 14:17 | 2610573 idea_hamster
idea_hamster's picture

Thanks for the heads up!

Tue, 07/10/2012 - 10:27 | 2601963 cowdiddly
cowdiddly's picture

That depends on your definition of money. If Euros are your fancy then they just broke into no mans land. Below Be MONSTERS.

Tue, 07/10/2012 - 10:39 | 2602022 Quinvarius
Quinvarius's picture

The EUR will go wherever the ECB and the FED agree to put it.

Tue, 07/10/2012 - 11:15 | 2602201 DeadFred
DeadFred's picture

Trend support is at 1.218 and below that at about 1.20. Below that there really is nothing but air. I think it bounces off 1.218 but it could get very exciting.

Tue, 07/10/2012 - 10:35 | 2602003 Sudden Debt
Sudden Debt's picture

Yep, never to late to start useing segregated accounts...


Tue, 07/10/2012 - 10:25 | 2601956 LoneStarHog
LoneStarHog's picture

Anyone still doing business with Whore Street deserves what he/she gets...PERIOD!!!!!

Tue, 07/10/2012 - 10:30 | 2601978 LULZBank
LULZBank's picture

She'd get periods anyway ?!

Tue, 07/10/2012 - 10:33 | 2601994 LoneStarHog
LoneStarHog's picture

Period...Comma...Exclamation Point...etc...they are all the same bloody thing, mate!

Tue, 07/10/2012 - 10:36 | 2602007 LULZBank
LULZBank's picture

She never told me that!!!

Tue, 07/10/2012 - 10:25 | 2601957 malikai
malikai's picture

Gold/Silver -10%, Treasuries/ES/DJIX +10%.

The only possible outcome.

Of course, nobody gets their money back. Ever.

Tue, 07/10/2012 - 10:26 | 2601958 Cursive
Cursive's picture

I don't think anyone was ever worried at Jefferies making out fine.  They are, afterall, a bank.  Maybe a junior IB, but still a bank.  As for PFG clients, they've been Corzine'd.

Tue, 07/10/2012 - 10:29 | 2601975 LoneStarHog
LoneStarHog's picture

The only true banks still in existence are your small community banks and credit unions.  Even these must be checked prior to moving funds.  There are no TRADITIONAL banks (read honest) outside of one's community (read Whore Street).


Tue, 07/10/2012 - 10:26 | 2601959 midgetrannyporn
midgetrannyporn's picture

Shew! I was so worried that Jefferies might suffer a loss. [/sarc.]

Tue, 07/10/2012 - 10:26 | 2601962 Dr. Engali
Dr. Engali's picture

Funny how Jefferies name has been coming up a lot lately.

Tue, 07/10/2012 - 10:27 | 2601965 GeneMarchbanks
GeneMarchbanks's picture

Uh-huh. JEF still has "customers" apparently.

Tue, 07/10/2012 - 10:32 | 2601990 Cognitive Dissonance
Cognitive Dissonance's picture

Funny "ha ha", funny "oh shit" or funny "honey, get my gun"?

Tue, 07/10/2012 - 10:29 | 2601973 Stuart
Stuart's picture

the public are such sheep. 


Tue, 07/10/2012 - 23:27 | 2604726 Bringin It
Bringin It's picture

Too me, that's been the most amazing revelation so far from this adventure in fiat collapse.

the public are such sheep.

Tue, 07/10/2012 - 10:30 | 2601981 alien-IQ
alien-IQ's picture

In the 70's, banks would keep your money "for you".

In the early part of the 2000's, they began to keep your money "from you".

Now...they just keep your money.

There will be blood. This much is certain.

Tue, 07/10/2012 - 10:31 | 2601984 Cognitive Dissonance
Cognitive Dissonance's picture


Are these the old segregated accounts or the new and improved segregated accounts?

Who's watching the watchers? Clearly not those who are assigned to do so. Time for some clarity of thought and action.

Tue, 07/10/2012 - 10:35 | 2602001 LoneStarHog
LoneStarHog's picture

They are the CFTC Approved segregated accounts. /sarc off

Tue, 07/10/2012 - 10:49 | 2602028 fuu
fuu's picture

I want to know how to run a business that is short $200 million from February 2010 till July 2012. I mean seriously the segregated funds have been short for over 2 years!!

Tue, 07/10/2012 - 11:18 | 2602217 DeadFred
DeadFred's picture

The watchers are paying very close attention since they don't want to lose a dime of their take.

Tue, 07/10/2012 - 10:35 | 2601987 Monedas
Monedas's picture

I promise not to segregate in your mouth !          Monedas       1929           Comedy Jihad Condom Rupture At Rapture Liquidation

Tue, 07/10/2012 - 10:37 | 2601999 Kaiser Sousa
Kaiser Sousa's picture

Get in line for ur money u ain't getting back u suckers..... mother fuckers will never learn.....the fraud market was never meant for u stupid assholes.... hows that physical Gold & Silver u didn't accumulate, held n ur possession looking right about out now!!!!!!! HUH!!!!!WHAT U SAY!!!!!!!!!!!!!!!

Tue, 07/10/2012 - 10:36 | 2602009 lizzy36
lizzy36's picture

And by segregated accounts it means in the petty cash coffee tin container...right.

Tue, 07/10/2012 - 10:36 | 2602010 east paris trader
east paris trader's picture

Everyone remembers what "liquidate positions" means, right?  It means sell out long positions in large blocks during illiquid periods or during techincal break-downs....

Tue, 07/10/2012 - 10:37 | 2602014 fuu
fuu's picture

Ah yes, forced liquidations. Good times, good times.

Tue, 07/10/2012 - 10:38 | 2602021 DOT
DOT's picture

Remember, "separate is not equal"........Any representation of an account balance is no assurance of any future balance.

Tue, 07/10/2012 - 10:39 | 2602026 LightWalker
LightWalker's picture

The checks in the mail.??

Tue, 07/10/2012 - 10:51 | 2602080 yogibear
yogibear's picture

Bankster: The money is well protected in my offshore private account. I win, you loose!

Tue, 07/10/2012 - 10:58 | 2602126 walcott
walcott's picture

Anorher one bites the dust. There are no bubbles only ponzis.  Will positive thinking help?

This whole fucking thing is coming down. It's an aboslute shitting pyramid ponzi scheme.

Since 1960's after the assination of JFK that's what this country metamorphasized into.

PFGBest, Brokerage Firm, Missing Over $200 Million In Customer Funds As Founder Attempts Suicide


Tue, 07/10/2012 - 12:14 | 2602464 Isotope
Isotope's picture

"...Russell Wasendorf Sr., a 40-year veteran of futures markets, was found in his car near the company's new headquarters, having apparently attempted suicide. He is in critical condition at the University of Iowa Hospitals, according to local news reports."

Better luck next time, carbon monoxide (pills, razor, whatever).

Tue, 07/10/2012 - 11:05 | 2602152 Nobody For President
Nobody For President's picture

OK. Same shit, different day, but it does appear that the PFG meltdown is about 1/10 the size of the MFG fail, so this is an improvement.


Perfect free market - no regulators.

Tue, 07/10/2012 - 12:36 | 2602525 MountainMan
MountainMan's picture

Explains todays action. Buy the market, Bitchez!

Tue, 07/10/2012 - 13:18 | 2602704 riley martini
riley martini's picture

 Jeffries has become the toilet where the insiders dump their crap before the flush . Jeffries  sold MF Globals last bond offering when all the insiders knew it was a fraud .

Tue, 07/10/2012 - 13:26 | 2602736 geoffb
geoffb's picture

And its gone.

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